India increases export duty on parboiled rice by 20%
Published on: October 14, 2023.
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Extension on Export Duty for Parboiled Rice in India
The authorities in India have confirmed a five month extension on the 20 per cent duty on parboiled rice exports. This extension, which reaches till March 31 of the following year, was effected to maintain ample domestic stock and manage price stability. Initially, the export duty was levied from August 25 to October 16 of the current year, as per the Finance Ministry’s announcement.
Restrictions on Broken Rice Exports
Last September witnessed a ban on exports of white broken rice. During the fiscal period of April through June, approximately 15.54 lakh tonnes of non-basmati white rice was exported, compared to the 11.55 lakh tonnes exported in the same period of the preceding year. The trigger for the import curb was a surge in the food grain prices as well as a boost in exports.
Indian Rice Market Stats
As of September, India’s consumer price inflation was reported to be at a three-month low of 5.02 per cent. The non-basmati rice exports for the country amounted to USD 6.36 billion in the past fiscal year. This translated to a volume of 177.9 lakh tonnes.
Furthermore, the rice business in Pakistan has witnessed a significant increase. Based on data from the Agriculture Ministry, it’s estimated that in the 2022-23 crop year (running from July to June), India’s rice production augmented to 135.54 million tonnes. This marked an increase from the 129.47 million tonnes produced the previous year.
